Nigerian Government to borrow N5.6 trillion from domestic and foreign sources

The Federal Government is to borrow N5.6 trillion from domestic and foreign sources to support the implementation of the N13.59 trillion budget.

The N5.6 trillion is the total deficit of this year’s N13.59 trillion budget.

Giving a breakdown of the borrowing plan in Abuja on Tuesday, Finance Minister Zainab Ahmed, also said the government is targeting about N850 billion from unclaimed dividends and dormant bank deposits.

She added that privatisation of some public assets valued at N205.15 billion might take place this year.

According to her, the government will raise N2.34 trillion each from domestic and foreign sources.

Multi-lateral and bi-lateral loan drawdowns will provide N709.69 billion.

On   unclaimed dividends and the  dormant deposits, Ahmed   said: “We have to get the exact report from CBN (Central Bank of Nigeria) and the registrars(of security firms) to ascertain that so it could be realised into this special a trust fund for unclaimed dividends and dormant account.”

The minister explained that government was also working with the CBN to regularise some previous borrowings.

– The Nation